A federal judge in Chicago yesterday opted not to revoke the fallen media baron’s bail, after prosecutors argued Black had lied about his finances.

U.S. District Judge Amy St. Eve scheduled another hearing for Friday, at which Black may be forced to put up more collateral to back his $20 million bond.

St. Eve ordered Black’s defense lawyer Edward Genson to turn over revised financial statements. Last week prosecutors charged that Black lied about his finances, and said he recently missed a mortgage payment on his Palm Beach mansion, which had been pledged as collateral for his bail.

Also last week Black, who did not appear in court yesterday, said he would sell his stake, valued at about $16 million, in Horizon, a private Canadian newspaper chain. That will be used to pay off a $13 million lien on the Florida mansion.

Black, who once presided over newspaper giant Hollinger International, goes on trial in March 2007 for allegedly bilking the company of millions of dollars.

In his financial statements at the time of the bail agreement last December, Black said he had less than $300,000 in “liquid assets” available as security for the bond.

Yet prosecutors have said in a court filing that Black recently spent $460,000 on taxes for the Palm Beach house and recently donated $500,000 to the Canadian Opera Company.